DAILY COMMENTARY
February 22, 2010
Gold and silver were higher overnight but fell back shortly after the New York open. The markets are quiet this morning with the dollar down slightly, oil up a nickel and the Dow up 2 points. Overnight gold reached a high of $1,131.50 an ounce, its highest point since January 20th. The rally initially resulted from the euro rallying, which provided the initial strength for g
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February 19, 2010
The Fed raised the discount rate .25% after the New York market closed yesterday and that caused gold to pull back. Overnight gold dipped to a low of $1,099.30, but it has rebounded very strongly trading down $4 at $1,114 an ounce. The dollar has soared, up 66 basis points at 81.06, which is the highest level in several years. In spite of all of that silver is up $.04 and lo
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February 18, 2010
Gold fell back overnight, dropping to a low of $1,098.10 before rebounding quite nicely. Early, after the start of trading this morning, gold is only down $2 and silver is up $.10. Gold fell back as the IMF announced late yesterday afternoon that they intend to sell the remaining 191 tons of their allocation in the open market. Those who are unsophisticated viewed that as a
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February 17, 2010
A report with the U.S. Securities and Exchange Commission showed late on Tuesday that billionaire investor George Soros doubled his bet on gold at the end of the year amid rising prices. In fact, he is now the fourth largest holder of the SPDR gold trust behind John Paulsen's fund, Bank of America and Black Rock advisors. In addition to that, he owns a considerable amount of
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February 16, 2010
Gold surged upward gaining $27 in pre-market trading and hitting a high of $1,127.40 an ounce on the nearby futures contract. The movement in the gold market was largely due to a stronger euro and a weaker dollar. The dollar index is down 15 points at 80.17. Oil also reacting to the weaker dollar, up $2.20 at $76.33 a barrel and silver is up $.44 at $15.89 an ounce on the ne
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February 05, 2010
Gold was down about $10 overnight, reaching as low as $1,049.60 on the April contract before rebounding. However, in the first 20 minutes of trading, it erased most of those losses, trading down $3 at $1,059.80. Silver reached as low as $15.02, but rallied back to $15.12, down $.24. Again, it is the story of the dollar. The dollar is up 36 basis points at 80.28. The dollar t
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February 04, 2010
The economic news that broke this morning hammered the stock market and precious metals. It also made the dollar soar. The dollar is up 35 basis points trading at 79.72 on the index. Gold is down $28, while silver is down $.49. The metals are being severely tested this morning and it remains to be seen whether the $1,075 support level will hold.
Commodities in genera
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February 03, 2010
Gold traded lower overnight but shortly after the New York open it bounced back to unchanged levels. Silver remains down $.15, platinum up $5 and the dollar is up 14 basis points. Therefore, gold's performance in turning back to unchanged is really an excellent demonstration of strength in that market. It also shows that gold is moving independently of the dollar, which is a
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February 02, 2010
Gold is up again, breaking decisively above $1,100 an ounce. This is a clear breakout to the upside and opens the door to significantly higher levels. Gold is trading up $7, while the U.S. dollar is down 12 basis points. Oil is up $.66 and the Dow is up 50 points. Surprisingly, the silver market is quiet, trading up only $.04 in early trading. Analysts say the action of the
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February 01, 2010
Gold and silver are up nicely this morning with gold gaining $5 in early trading. Silver is up over $.13. Analysts said that the metals rose on bargain hunting. There has also been strong demand for physical gold in China and other parts of Asia, ahead of the Asia Lunar New Year holiday. A weaker dollar is further boosting gold. The dollar is down 21 basis points. This may b
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January 28, 2010
Gold and silver are both higher, with gold gaining $3 and silver up $.10. The metals markets are looking more constructive by the day. Even though they have been in a period of consolidation and correction, the performance has been solid with the $1,075 support holding very well on the gold market. This is a particularly good signal given the fact that the dollar is up 7 bas
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January 27, 2010
Gold traded lower overnight, dipping as low as $1,090.60 on the February contract before bouncing back in the New York market. After the markets opened in the U.S. gold recovered most of the losses to trade slightly lower, down about $1. Silver recovered most of its losses as well, but still held to a $.21 loss, while the dollar was up 10 basis points at 78.53. Oil is near u
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January 26, 2010
Gold sold off heavily overnight as did silver. Silver was down about $.70 in early trading. Gold had been down as low as $1,085.20, but bounced back into positive territory. Silver is recovering but still not positive. The dollar is up 39 basis points at 78.58. The fact that gold could be up in the face of such a strong dollar index is impressive. Particularly when you consi
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January 25, 2010
Gold is up $6 and silver is up $.11 in early trading, in spite of the fact that the dollar is up 8 basis points. Oil is also recovering, up $.50 and the Dow is up 70 points. A stronger tone in the euro overnight and a recent increase in the demand for physical gold bolstered the gold market this morning. A trader linked the early gains to strength in stock index futures over
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January 22, 2010
The dollar is up slightly, gaining 3 basis points to 78.36. Every other market including metals are all down. Worries about China slowing its economy down and throwing the rest of the world into another recession is frightening these markets. Gold is trading down $19, silver is down $.51, platinum is down $54 and palladium is down $23. The Dow industrials are down 70, the Na
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January 21, 2010
The dollar is up 14 basis points, which is resulting in mixed markets. Gold is down $4, but silver is up $.01. Platinum and palladium are both in positive territory, as is the Nasdaq. However, the Dow is down 18 points. Oil is up $.35 trading above $78 again. The stronger dollar and weaker gold are again due to the same factors that sparked the correction yesterday, worries
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January 20, 2010
Gold and silver fell aggressively this morning in reaction to an enormous surge in the dollar. The dollar is up 81 basis points at 78.31. This caused gold to pull back $25 and silver fell $.58 in early trading. It also impacted oil, down $1.22 at $77.80 a barrel, the Dow fell 150 points and the Nasdaq is down 34 points.
The dollar surged in reaction to concerns about
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January 19, 2010
Precious metals are solidly higher this morning, with gold up nearly $3 and silver up $.18. Platinum and palladium are also making extraordinary moves of late with platinum up $30 and palladium up $9. The metals are turning in a strong performance given the fact that the dollar is up 44 basis points. That means gold is rising in terms of all currencies on a global basis. It
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January 18, 2010
Precious metals are rebounding nicely as the dollar is softer this morning. The dollar is down 17 basis points at 77.16. Gold is trading up $5.40 and silver is $.25 in early trading, while platinum and palladium are posting large gains with platinum up $21.90 and palladium up $7.75. Oil is trading up $.36 at $78.39 a barrel. A weaker dollar and higher oil prices are tied tog
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January 15, 2010
The dollar rallied strongly this morning in reaction to a weaker euro and that caused the precious metals and other commodities to pull back in early trading. Gold is down $12 and silver is down $.15, while the dollar is up 41 basis points. Oil is down $.59 and the equities are also lower with the Dow down 67 points.
Some of the factors influencing both the dollar and
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